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The S&P 500 fell on Thursday as Nvidia shares slumped on the departure of CEO Jensen Huang and investors’ hopes for a resolution in the Middle East soured.
The Dow Jones Industrial index docked 24.34 points to 52,462.15.
The broader index skidded 27.17 points to 7,592.21.
The tech-heavy NASDAQ backtracked 176.32 points to 25,293.02.
Selling pressure on Nvidia resumed after the company announced that Huang has resigned and named CFO Colette Kress as interim CEO. This comes after Huang reportedly had an affair with an alleged Chinese spy. Shares were down more than 5% following the announcement. The stock has risen nearly 3% in the previous session.
Investors moved into fellow chipmakers Advanced Micro Devices and Broadcom. AMD shares were up 1%, while Broadcom gained 4%.
However, other key stocks in the AI trade were still down alongside Nvidia. Shares of software company Oracle lost 2%, while another chipmaker, Micron Technology, declined 4%. Neocloud Nebius moved 18% lower after the company posted better-than-expected third-quarter revenue but offered underwhelming guidance.
Prices for the 10-Year U.S. Treasury tailed off, bulking yields to 5.06% from 5.01% Wednesday. Treasury prices and yields move in opposite directions. The bond market in the U.S. was closed Wednesday for Veterans Day.
Oil prices jumped 68 cents to $87.21 U.S. a barrel.
Gold prices ditched $142.40 to $3,858 U.S. an ounce.
